Government Help for Coronavirus - Updated November 2020
The Chancellor has set out a package of measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures:
- Extention of the Furlough Scheme - From 1st November 2020
- Statutory Sick Pay relief package for SMEs
- Self Employment Income Support Scheme
- Deferal of the self-assessment tax
- Deferral of payments of VAT
- Grants upto £3K per month for forced lockdown
- Bounce Bank Loans for small business upto £50,000 or 25% of Turnover
- A Business Interruption Loan (CBIL) Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance
- HMRC Time To Pay Scheme
- Payment holiday for Mortgages
We have seperate articles on most of the above on the side panel so please look at the details.
It is worthwhile picking up the phone to see if they can help you with existing borrowing repayments some are offering payment holidays and interest only options, increasing overdrafts, term loans etc. Many are offering to waiver the fees on new facilities. They may also be able to offer you the Business Interruption Loan.
Things to consider:
- Whilst your business is still operating and is viable think about getting finance now, do not leave it until your finances change such as they adversely affect a loan application. You will be risk assessed based on your last set of accounts, current business bank statements and Directors' credit scores.
- If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559. Do you want to delay paying some of your taxes?
- Make sure you have a cashflow forecast so you know when the pinch points will be. Although planning for the future is uncertain right now you still need to talk to the experts including your accountant and sketch a plan for the future. The Government help including loans will not last forever.
- Chase outstanding accounts, but be empathic with your debt collection. Maybe offer small discounts to get people to pay you on time. For bigger invoices that historically take 60 days to pay, there are solutions to speed this up. We can recommend Apps that you can adopt to making this easier and rewarding.
Please call us and speak to your normal relationship director/manager if you would like to discuss any of the above or any other matter.
If you are not a client please email email@example.com or call the main number 01923 224411.
We are here to help you through these tough times.